Do all credit unions report to the credit reference agencies?

Paul

That's a good question Paul.

I don't know the answer and was wondering the same.

Yes they do. I explained I was just discharged recently from a TD & had to send in a copy of my discharge. Someone from CU phoned me to discuss my application & could tell me some of my previous debts had been marked satisfied & some not.

Hope that's helpful

Hi boys1211.

It's good to hear that they're consulting the credit reference agencies before offering a loan (but no surprise - it's just the sensible thing to do for all involved).

I think what Paul and I are wondering is whether they report to the credit reference agencies each month about whether you've paid your loan from them in full and on time?

If they don't you'll have a useful source of finance, but the loan will not be helping your wider credit rating as viewed by other lenders.

I wonder if there's anyone on the forum who could give a definitive answer as it's an interesting point.

I'll have a wee dig about today and see what I can find out, but as you say if its not reported on an ongoing basis, it will be if no use in terms of credit building.

Mark

Hi

I can't provide a definitive, but I can confirm that I previously had both a shares account and a loan account with my credit union....neither of which were ever reflected in any credit report with any credit reference agency.

I'm unsure if this position differs across each credit union.

Hope this helps.

We're connected to East Kilbride credit union on Twitter and have just tweeted them to ask if they know if there is any standard credit union practice in this respect.

Will report what we learn.

By the way, if anyone wants to follow us on Twitter we're @TrustDeedForums (shameless plug!).

Hello i have recently had 2 loans out with my credit union whilst in my trust deed .My first loan had no credit search done however my most recent loan was larger and required a credit search for affordability reasons . I had to prove i could afford it , including my wifes payslips and work details . I have recently done a credit search and none of my loans are listed although the initial search is . They were very understanding however i had to have a logical reason for borrowing which was a new car as my old one packed in and i required it for my shifts . I dare say if i did not meet payments it would be listed .On another note i was knocked back for a Vanquis card. Hope this helps

I will phone NHS credit union & ask.
Will let you all know what the answer is !!

We just received a Twitter reply from ABCUL (Association of British Credit Unions).

We asked whether credit unions typically report to credit reference agencies. The answer is:

"It varies, best for people to talk to their local credit union"

You can find your local credit union at: findyourcreditunion.co.uk

I guess it's important to say that credit unions can play a major part in financial rehabilitation after credit problems whether or not your local one happens to report to the credit reference agencies.

Interesting that the answer is a maybe!!

Paul

Hi

My friend does work at a Credit Union in CLydebank and they credit check for larger loans but dont update your credit file each month.

Does that mean the loan is registered with the credit agencies or the credit union just check the credit file?

Mark

Under our service provider contract with the Accountant in Bankruptcy we handle approx 1,000 new Sequestration cases per year. In a large percentage of these cases we carry out an Experian search to establish creditor information, bank account details etc and from this I can say that I can't ever remember seeing a credit union loan show up on a credit report before as a debt.

This suggests to me that whilst they may check the credit report for lending purposes I don't actually think they register their debt in the report the same way a main stream high street lender would. This would mean that for building up your credit report and trying to repair your credit rating a credit union loan wouldn't help do that.

I know the Business Development Executive with Glasgow Credit Union so will put a call into him to ask what GCU do. They are the largest credit union in the UK so I would think that if anyone would note a credit file they would.